价盘、产能、回购、国际化、代言人、行业趋势……投资者对茅台总有问不完的问题。 5月12日下午，贵州茅台举行了2024年度及2025年一季度业绩说明会，代总经理王莉、董秘蒋焰等贵州 茅台管理层出席，回应了投资者关心的诸多热点问题。21世纪经济报道记者也以投资者身份向管理层提 问，并获得回应。 国际化分级拓展 国际业务是今年贵州茅台的业绩亮点。上个月刚出炉的2025年一季报显示，今年一季度贵州茅台来自国 外的收入11.19亿元，同比大涨37.5%。这是其去年茅台出口营收首次突破50亿元后，继续实现高增长。 这背后，茅台主要做了哪些工作？具体哪些市场增长较好？ 中期的问题则涉及到茅台的产能释放节奏。针对茅台酒，茅台正在推进"茅台酒十四五技改建设项目"， 拟投资155.16亿元，建成后可新增茅台酒司机产能1.98万吨/年，储酒能力8.47万吨。从去年财报来看， 2024年新增基酒设计产能1800吨，同时茅台酒的产量为56272吨，相比前一年有所回调。 对于目前的投产节奏，有投资者提出疑问。对此王莉回应，具体产能的释放节奏，会充分考虑生态承 载、工匠培养、市场状况等要素，科学布局、有序推进，并表示茅台酒的产量波动属正常 ...

Core Insights - The company reported resilient performance during the industry adjustment period, with 2024 revenue of 170.9 billion yuan, a year-on-year increase of 15.71%, and a net profit of 86.228 billion yuan, up 15.38% [1] - For 2025, the revenue growth target has been adjusted to 9%, reflecting a shift from high-speed growth to high-quality development [1][8] Group 1: Revenue and Profit Performance - In Q1 2025, the company achieved revenue of 50.601 billion yuan, a year-on-year increase of 10.54%, and a net profit of 26.847 billion yuan, up 11.56% [1] - The direct sales revenue for 2024 was 74.912 billion yuan, growing by 11.32%, accounting for 43.83% of total revenue, while wholesale revenue reached 95.988 billion yuan, up 19.73%, making up 56.17% of total revenue [2] Group 2: Changes in Sales Channels - The decline in direct sales revenue proportion is attributed to increased wholesale channel revenue due to price hikes and significant growth in series liquor sales [2] - The i-Moutai platform saw a decline in revenue to 20.024 billion yuan, down 10.51%, marking the first revenue drop since its launch [2][3] Group 3: Product Strategy and Market Positioning - The company aims to enhance the market presence of Moutai 1935, which has generated nearly 30 billion yuan in sales over three years, despite facing price competition [5][6] - Moutai 1935's sales strategy includes improving consumer engagement and expanding sales channels through various marketing activities [7] Group 4: Industry Context and Future Outlook - The company acknowledges the shift in the industry towards rational consumption and aims to adapt its product offerings to meet changing consumer preferences [8] - The company is focused on enhancing internal efficiency and governance to create greater value for shareholders [8]

同时，注意识别"刷单炒信"行为，综合查看商品详情页参数、用户真实评价等多维度信息。防范情感营 销诱导，避免因支持"偶像""家人"等情感因素冲动消费。 另外，消费者要选择正规直播平台购物，警惕通过个人社交账号、临时链接等非正规渠道进行交易，不 要轻信和点击来源不明的购物链接，建议全程在直播平台内置购物系统完成交易，切勿脱离平台进行私 下转账。 消费提示称，一些重点品类也需审慎选购。如，选购保健食品时，要通过正规渠道，并认准产品包装上 的保健食品"蓝帽子"标志，核对保健食品注册号/备案号，根据保健食品的保健功能、适宜人群、不适 宜人群等信息科学选择，谨防虚假夸大宣传。选购跨境商品时，要清楚我国对跨境电商零售进口商品实 行正面清单管理。宣称"功能"的进口食品，其管理方式可能与我国不同，应谨慎购买。 在购买商品和服务时，消费者还应注意留存完整的消费凭证，同时依法维护自身权益。若商家设置"不 退不换"等霸王条款，可依法主张权益。如果发现商品存在质量问题，及时通过平台维权通道发起售后 申请；如果遭遇虚假宣传或消费欺诈，可向消协组织投诉或有关监管部门举报。对于金额较大、涉嫌刑 事犯罪的案件，应向公安机关报案并提交相关证据。 ...

Core Viewpoint - Loneliness is predicted to become the biggest economic trend in China over the next five years, with a growing focus on products and services that cater to this need [3][4]. Group 1: Economic Trends - The concept of the "Fourth Consumption Era" is introduced, characterized by the rise of the single economy, which includes trends like solo dining, solo travel, and pet economy [6][7]. - The shift in consumer mindset from valuing luxury and fashion to seeking inner satisfaction and emotional fulfillment is highlighted, with an emphasis on local traditions and interpersonal connections [9][11]. - The emergence of the "Lonely Economy" is anticipated, as single rates increase and demographic changes such as population decline and aging become more pronounced in China [12]. Group 2: Market Opportunities - The article suggests that there are significant opportunities for new lifestyles and business models in China, inspired by existing Japanese consumption patterns [12][13]. - A learning trip to Japan is proposed, focusing on how Japanese companies have thrived in a low-growth environment, with visits to successful brands like Uniqlo and 7-Eleven [13][14].

Group 1 - The phenomenon of high-priced bread is creating a buying frenzy in major cities like Shanghai, Beijing, and Guangzhou, with consumers willing to wait in long lines for artisan products priced from 35 yuan [1][3] - High-priced bakeries typically feature open kitchens, emphasize imported ingredients and traditional methods, and offer limited daily flavors, with production costs estimated to be under 15 yuan per item despite premium ingredients [3][4] - The rise in demand for high-priced bread is attributed to a shift in consumer preferences towards quality ingredients and health consciousness, with a reported 17% year-on-year increase in per capita consumption of baked goods in China [3][4] Group 2 - Market opinions are divided, with some nutritionists supporting the value of premium bread due to its lack of trans fats, while others criticize the pricing as inflated based on branding rather than ingredient quality [4][5] - Some businesses are employing psychological pricing strategies, such as increasing prices significantly for modified products, and using scarcity tactics to create a sense of urgency among consumers [4][6] - The ongoing "bread war" is seen as a reflection of the transformation in China's consumer market, with a potential industry shakeout expected as only brands that genuinely convert premium pricing into product value are likely to survive [6]

Core Viewpoint - The rise of "谷子" (anime-related merchandise) consumption among young people is accompanied by various risks, including impulsive spending, rampant counterfeiting, and price speculation [1][2][3] Group 1: Consumption Trends - Young consumers are increasingly engaging in the purchase of badges, blind boxes, and standees as a way to express their love for anime culture, leading to significant financial investments [1] - The phenomenon of "端盒" (bulk buying of blind boxes) has emerged, with enthusiasts spending large sums to collect rare items [1] Group 2: Consumer Protection Issues - The Ningbo Consumer Rights Protection Committee has issued warnings about the hidden dangers of the "谷子 economy," highlighting four major consumption traps [1] - There are reports of "dark box operations" where merchants manipulate the odds of obtaining rare items in blind boxes, leading to consumer exploitation [1] - A case study revealed a student spent 6,000 yuan on blind boxes but received over 30 duplicate common items, indicating a lack of transparency in odds disclosure [1] Group 3: Counterfeit Products - The prevalence of low-priced counterfeit "福袋" (mystery bags) has led consumers to fall victim to poor-quality and potentially harmful products [2] - A consumer reported receiving defective and counterfeit items after purchasing a "热门IP福袋" for 50 yuan, with the seller refusing refunds under the guise of "random shipping" [2] Group 4: Market Manipulation - Some merchants collaborate with scalpers to create a sense of urgency around "limited edition" items, encouraging young consumers to overpay for products [2] - A university student lost over 90% of their investment after purchasing a limited edition standee for 3,000 yuan, which plummeted in value after the initial hype faded [2] Group 5: Social Pressure and Consumer Behavior - The "谷圈" (anime community) fosters a culture of comparison, leading to "invisible PUA" (manipulation) where individuals feel pressured to purchase rare items to fit in [2] - A high school student borrowed 5,000 yuan to buy an expensive second-hand badge to gain acceptance in a community, resulting in financial distress [2] Group 6: Recommendations for Rational Consumption - The Ningbo Consumer Rights Protection Committee emphasizes the importance of rational consumption, advising consumers to demand transparency in odds for blind boxes and to be wary of low-priced offers [3] - Recommendations include purchasing from official channels, setting monthly budgets, and avoiding communities that promote anxiety through comparison [3] - The committee also suggests that parents engage with their children about spending habits and that society should work together to combat counterfeiting and promote financial literacy [3]

Group 1 - The high-end beauty market is experiencing a stark contrast, with luxury brand La Prairie seeing a significant decline in sales, while affordable brands like Pechoin are thriving [1][2] - La Prairie's sales dropped by 17.5% year-on-year, marking the largest decline in five years, with limited sales on high-priced products [2] - In contrast, Beiersdorf's affordable brand Nivea achieved global sales of €5.6 billion, with popular products in the Chinese market [6] Group 2 - Consumers are increasingly prioritizing ingredient transparency and value over brand prestige, leading to a rise in demand for effective, affordable skincare products [8][11] - Domestic brands like Pechoin and Han Shu are performing exceptionally well, with Pechoin's online GMV expected to exceed 10 billion yuan in 2024 [9] - The shift in consumer behavior is reshaping the beauty industry, as effective products become more important than expensive branding [12]

Core Insights - The article emphasizes the importance of financial planning and management, suggesting that individuals should set clear financial goals and systematically work towards them through disciplined saving and investment strategies [1][4]. Group 1: Financial Planning - Individuals are encouraged to write down three key numbers: the desired amount of money, the percentage of income that can be saved, and the amount of spending to be cut [1]. - It is recommended to allocate 20% of monthly income to savings immediately upon receiving a paycheck, which can help alleviate financial anxiety [4]. Group 2: Investment in Knowledge - The article suggests dedicating 10% of income to personal development, such as buying books and taking courses, to enhance cognitive growth and achieve better financial returns over time [2]. Group 3: Side Hustles - Individuals are advised to spend two hours after work on side projects that can generate income, emphasizing the potential for skills and interests to be monetized [3]. Group 4: Expense Management - A method for evaluating expenses is proposed, categorizing them into necessary, needed, and wanted, which can help individuals understand their spending habits better [5]. Group 5: Savings Allocation - It is suggested to divide savings into four categories: emergency funds, stable investments, aggressive stocks, and insurance, to create a balanced financial portfolio [6]. Group 6: Wealth Perspective - The article conveys a philosophical view on wealth, stating that when one's existence is seen as a gift, money becomes a secondary benefit, and pursuing wealth too aggressively can lead to its loss [7][8].

Group 1 - The upcoming "May Day" holiday is expected to drive consumer activities such as travel, shopping, and dining, prompting local authorities to issue safety and rational consumption reminders [1] Group 2 - Consumers are advised to choose travel agencies or online platforms carefully, ensuring they check qualifications and compare market prices to avoid "unreasonably low-priced tours" [3] - It is important to clarify contract details, including costs, itinerary, and liability when signing agreements with travel service providers [3] - For accommodation and attractions, consumers should verify real reviews and confirm facilities before booking [3] Group 3 - During the holiday, consumers should be cautious of promotional activities in shopping, understanding the rules of discounts and avoiding price fraud [3] - Consumers are encouraged to differentiate between "deposit" and "advance payment" when making prepayments, to prevent disputes due to misunderstanding promotional rules [3] Group 4 - Food safety is emphasized, with recommendations to choose restaurants with good hygiene and proper licenses, and to be vigilant about pricing and billing [3] - Consumers should avoid high-risk foods and ensure they receive proper invoices or receipts to prevent overcharging [3] Group 5 - When engaging in prepaid consumption, consumers should sign written contracts detailing usage scope, validity, service items, refund conditions, and liability [3] - It is crucial to be aware of restrictive clauses regarding service termination and transfer, and not to rely solely on verbal promises from merchants [3] Group 6 - Consumers are advised to retain receipts and transaction records for purchases, and to seek legal recourse in case of disputes by contacting relevant authorities or consumer protection organizations [4]

"网红探店"滤镜碎了一地？"超值套餐"暗藏强制消费？"盲盒"爆款可能是智商税？新消费形态花样百 出，但也要小心暗礁，以免陷入商家的消费套路！ "五一"小长假到来之际，中国青年报结合政策新规、热点案例，出炉一份消费避"坑"指南，助你一键识 别套路话术、拆解隐藏条款、预警高风险场景，炼就"火眼金睛"。 警惕健康食品"伪科学"营销 近日，北京等15地消协、消保委联合发布了涉厨店、文旅等领域的消费洞察报告。其中指出，"买保健 品上当"不再是老年人专属，26至45岁的群体在营养健康消费市场中占比达79.8%，而商家宣传的"速成 健康""速成美丽""速成减脂"等成了年轻消费群体不可逾越的"坑"。同时，营养健康消费纠纷呈现出虚 假宣传技术升级、非法添加隐蔽化、新型消费场景风险集中三大特点。 你会在直播间跟风"买买买"吗？记者从市场监管总局4月18日召开的新闻发布会上获悉，2024年，全国 市场监管部门共受理消费者投诉1862.5万件，其中网购投诉举报1318.6万件，同比增长4.6%。 在网购的诸多形式中，网红带货、店主直播、导购直播等多样化的网络直播纷纷涌现，虚假宣传、质 量"翻车"、退换货困难等诸多问题成为诉求热点。2 ...